Legal Topics >

Nolo's Plain-English Law Dictionary

Legal Dictionary Home

Need Professional Help? Talk to a Lawyer
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
searchbox small
Limited Liability Company (Llc)
A business ownership structure that shields its owners' personal assets through the doctrine of limited liability (like a corporation) but has pass-through taxation (like a partnership), where profits (or losses) are passed through to the owners and taxed on their personal income tax returns.


Need Legal Help?
Get Informed Check out our thousands of free articles on everyday legal topics--they're accurate, up to date, and written in plain English.
Do It Yourself With Nolo's easy-to-use books, legal forms, online services, and software, you can handle many routine legal tasks yourself.
Talk to a Lawyer Just enter your zip code to connect with a lawyer serving your area.
LA-WS5:0.9.22.120522.13848+